$300K profit Condo Flip!

 Let’s meet Cedric: Realtor, investor and friend. 

Alright, folks, let’s chat about my buddy Cedric. He’s a French Armenian realtor from Pasadena, CA, and we first crossed paths about seven years ago at our Keller Williams office. Since then, we’ve found ourselves on opposite sides of the negotiating table more times than I can count. I’m talking classic buyer-seller duels, but guess what? We turned into good friends while hustling to grow our real estate business. 

Cedric knows I work with a lot of investors, helping them find properties that don’t just look good on Instagram but also have the potential to make some serious cash. I guide them through the whole process—picking the right crew of contractors, architects, engineers and designers to flip those homes like a pro.

So, picture this: Cedric finds a condo in Valley Village and thinks, “Hey, I could use some backup on this purchase and reno.” I was ready to work. Sure, Cedric is a killer realtor and negotiator, but when it comes to flipping homes, you need a game plan tighter than your favorite pair of skinny jeans. 

I helped him get set up with a hard money lender—these are the folks who want to know you’ve got your act together before they hand over the cash. They’re like the strict parents of real estate financing: “Do you know what you’re doing?” That’s where I stepped in. I’ve helped investors flip over 50 properties, so I had the know-how he needed.

We submitted a cash offer with a lightning-fast 15-day close for $610k. But before we pulled the trigger, we did our homework. We looked into what the condo could sell for post-renovation, how much the reno would cost, and how long it would take. Because if you don’t know the end game, you might as well be working for free for the next few months—no one wants that!

Cedric’s offer got the green light for $610k, and I nudged him to ask for $10k in repair credits. The seller countered with $6k—close enough! The renovation budget was set at $80k, but spoiler alert: we went a bit overboard and wrapped it up at $85k. No biggie; the reno took about 2.5 months, and then the place was ready to hit the market.

Initially, we thought we’d sell the condo for around $850k based on recent sales. But surprise, surprise! The market had other plans. Cedric scored three offers in the first eight days and negotiated the sale up to $910k. After accounting for holding costs, sales commissions, and closing costs, he walked away with a sweet $150k profit after just three months of work. Not too shabby, right?

Now, Cedric’s already looking for his next adventure. Real estate is a wild ride, and we’re just getting started

Checkout some photos from the project: